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Principles and Practice of Marketing Assignment

Added on - 12 Nov 2020

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PRINCIPLES ANDPRACTICE OFMARKETING
Table of ContentsINTRODUCTION...........................................................................................................................3TASK-1............................................................................................................................................3SOSTAC marketing model:-.......................................................................................................3TASK-2............................................................................................................................................6Environmental needs to be undertaking of the effectiveness of the retailers.............................6TASK-3...........................................................................................................................................8Current marketing strategy used by Morrison in UK, and in the international market..............8CONCLUSION................................................................................................................................9REFERENCE.................................................................................................................................10
INTRODUCTIONThe word marketing has a long process which defines from advertising the product tillthe completion of a given task. It clarifies every aspect related to market strategies and theadvertising process of merchandise and services in an organization. Practice of marketingcreates brand in market which helps in building goodwill in the eye of consumers (Goworek,McGoldrick and McGoldrick, 2015).It gives an enormous impact on making a product moreimpactful and create a need in market by featuring it with perceived value. Perceived valueshowcase the features of a product and maintain a stability in market as to get the properstrategies for future growth.The company Morrison is a brand in retail industry founded in 1899 at Bradford,England, UK. It deals in various product such as Food and drinks, clothing, books to read,varieties of magazine etc. This report covers the whole scenario of Morrison and analyse thework in different countries which put efforts in getting objective on a given period of time.TASK-1SOSTAC marketing model:-SOSTAC is the marketing model which was developed and created in the year of 1990sby PR Smith and later in his book which was published then in the year of 2004 (Luca, Hibbertand McDonald, 2016).SOSTAC is an acronym which stands for Smith's six fundamental factorsof marketing that includes situation, objective, strategy, tactics, action and control. These aredescribed as under:Situational analysis– It is the first factor of marketing model which help in identify thesituation and condition of the possible web presence in the current moment. It is required forMorrisons company is to analyse whole industry and review their services, resources, strengthsand weaknesses in better manner. This can be used for implementing areas for makeimprovement in areas for addressing major strengths effectively. In this, respective company areconduct PEST analysis which help in analysing such factors impact upon business operationsand its functions. These are described as follows:Political factor– Canada is a democratic country which has a parliament governmentcomprise with the house of commons. In this, rules and laws are governing powers whichfall under political factors. Such authorities put forward laws for the limitations of an
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